To provide a mechanism for dedicating spending cuts in discretionary spending programs to deficit reduction.

Requires the Director of the Office of Management and Budget to reduce discretionary spending limits for new budget authority for a fiscal year by the net aggregate amount for that fiscal year in all deficit reduction line items set forth in an appropriation bill or rescission bill.

Amends the Congressional Budget Act of 1974 to establish congressional procedures for the inclusion of deficit reduction line items in such bills.